Identify the classifications of the following accounts as either current or long-term liabilities for the December 31, 2014 balance sheet.
-An amount of money owed to a creditor on a note due August 15, 2022.
A)Current liability
B)Long-term liability

Question

Quizplus · Accepted Answer

The note is due on August 15, 2022, which is beyond one year from the balance sheet date of December 31, 2014, classifying it as a long-term liability.

Identify the Classifications of the Following Accounts as Either Current